09:06:36 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Puma Exploration Inc
Symbol PUMA
Shares Issued 276,099,722
Close 2019-10-11 C$ 0.015
Market Cap C$ 4,141,496
Recent Sedar Documents

Puma Exploration to acquire Portage Lake

2019-10-15 16:05 ET - News Release

Mr. Marcel Robillard reports

PUMA ACQUIRES THE PORTAGE LAKE CU-NI-CO-FE PROJECT IN NORTHERN NEW BRUNSWICK, CANADA

In line with its DEAR strategy (development, exploration, acquisition and royalties/ownership), Puma Exploration Inc. has signed a purchase agreement to acquire the copper-nickel-cobalt (Cu-Ni-Co) Portage Lake property (4,350 hectares) located in the Murray Brook area from local prospectors. The property covers a Devonian mafic intrusion (four kilometres (km) by six km) and its associated skarn horizons of the Chaleur Group, containing both significant copper-nickel and cobalt mineralization.

The Portage Lake property contains several showings with the most promising discovered in the last trenching program conducted on the property in 2017. The prospector excavated an area of 100 metres comprising mainly skarn alteration containing 50 metres of massive sulphide showing significant iron, copper, nickel and cobalt. Grab samples grading 0.2 gram per tonne (g/t) gold (Au) and 0.6 g/t Au were collected just north of this recent trench. To be noted, no samples were assayed for platinum-paladium (Pt-Pd) group elements yet. Very limited advanced work has been conducted on the property which offers huge potential for new discoveries.

        GRAB SAMPLES COLLECTED
        FROM TRENCHING IN 2017 
 
Samples       Cu       Ni      Co     Fe
              (%)    (ppm)   (ppm)    (%)

8836267     0.34      700     710     21  
8836269     0.21      460     640     36  
8836266     0.21      330     560     15  
8836262     0.20      390     620     34  
8836260     0.21      490     630     26  
8836255     0.15      250     470     24  
8836265     0.12      380     490     21  
8836254     0.10      120     400     24  

"The acquisition of the Portage Lake Cu-Ni-Co property consolidates our landholdings in the western part of the Murray Brook area with more than 10,000 hectares now under control. The Portage Lake property offers a variety of different metals exposures, such as nickel-cobalt, that could potentially allow us to make new discoveries, adding to our diversified portfolios in precious and base metals. The mafic Portage intrusion could be the potential heat source of the proximal VMS deposits, but also contains skarns and epithermal gold deposits," said Marcel Robillard, chief executive officer and president of Puma Exploration.

The purchase agreement covers the Portage Lake project (claim blocks 8094, 8392 and 8393) located in northern New Brunswick. All the claims are in good standing until March and September, 2020. There is no minimum work commitment on Puma's part but to keep the claims in good standing. Puma will acquire a 100-per-cent interest in the Portage Lake claims by issuing 4.5 million shares (preconsolidation.) The vendors keep a net smelter royalty (NSR) of 2 per cent. Puma retains the right to purchase 1-per-cent NSR for $1-million.

Update on the restructuration

Following the strong support received from its shareholders and as indicated in the press release of Oct. 3, 2019, the board of directors has decided to implement the consolidation of the shares of Puma on the basis of one new common share for each tranche of 10 common shares currently issued and outstanding.

Consequently, Puma obtained from Corporations Canada a certificate of amendment dated Oct. 10, 2019, consolidating its common shares on the basis of 1:10, reducing the number of issued and outstanding shares to 27,609,972. Puma is currently working to finalize the necessary documentation with the TSX Venture Exchange in order to set a date on which the shares of Puma will begin to trade on a postconsolidation basis. A press release will be issued as soon as new information becomes available.

DEAR strategy

In connection with the current reorganization of the company, Puma has defined a four-part strategy for 2019 to 2020 and beyond: development, exploration, acquisition and royalties/ownership (DEAR).

Each part of this strategy is aimed at generating value for shareholders and are defined as follows:

  • Development of the Murray Brook deposit, where the gossan and oxide zones will be investigated to determine the economics and upside potential of the precious metal contents and recovery within these zones. The goal is to convert the surface zone materials that were previously categorized as waste to potential minable ore;
  • Exploration of the advanced-stage projects located at the Murray Brook deposit and Chester property, aimed at discovering new satellite and contiguous deposits with its drill-ready targets. The objective is to define the 10 best drilling targets at Murray Brook and Chester;
  • Acquisition of prospective new properties using its expertise and knowledge acquired in the last 15 years of exploration in New Brunswick will offer a variety of different metals exposures and potentially allow the company to make new discoveries within these potential new properties;
  • Royalties and ownership gained through the sell-off of non-core assets to third parties represent a potential major financial upside without direct dilution. Currently, Puma holds 14.2 million shares (48 per cent) of Target Minerals Inc. (1-per-cent NSR on Nicholas-Denys) and 100 per cent of Murray Brook Minerals Inc. (0.67-per-cent NSR on Murray Brook) and will hold 5.75 million shares (8 per cent) of BWR Exploration Inc. (1-per-cent NSR on Little Stull Lake).

About Puma Exploration Inc.

Puma is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. While the priority remains to secure and finalize the acquisition of the Murray Brook project in New Brunswick, the emphasis will be directed to execute its DEAR strategy to generate value to its shareholders. Puma is currently holding one of the largest land packages in the prolific Bathurst mining camp in northern New Brunswick, Canada.

Qualified persons and quality control/quality assurance (QC/AC)

Technical information provided in this news release was prepared and reviewed by Marcel Robillard, professional geoscientist, president of Puma Exploration, qualified person as defined by National Instrument 43-101. Mr. Robillard is not independent of the company, as he is an officer and shareholders thereof.

We seek Safe Harbor.

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